BTC Global: What is the “scam” cryptocurrency making waves?

What the hell is this BTC Global that's making waves? Not anything good at all. Let's take a look at this so-called cryptocurrency scam.

Police and private investigators are currently probing a “multimillion-rand cryptocurrency Ponzi scheme”. The scheme has conned thousands of South Africans out of millions of rands as well as investors from across the globe. The scheme: BTC Global.

What is BTC Global?

Investigators looking into scam report that a company by the name of BTC Global conned over 26 000 South Africans into purchasing Bitcoin. They were then encouraged to hand over their purchases to invest. In return, they would receive dividends of 14% per week.

The minimum threshold required investors to buy around R12 000 in Bitcoin. Once the purchase was made, it was time to transfer the Bitcoin into BTC Global’s digital wallet address.

IOL reports that investors were told that the company was linked to an investment guru, therefore making high rewards likely.

“Investors were told that BTC Global was the marketing arm of Steven Twain, a binary, forex and commodities trader, whose access to the latest cutting-edge trading tools and his ‘extensive experience’ meant he was able to ‘win in a market that crushes most newcomers’.”

Others who fell victim to the scam explained how easy it was to sign up for the service. No identification was required and no Fica checks either. If the system crashed, investors had no one to hold accountable and no bank to turn to.

The publication also spoke to a local private investigator who was tracking the masterminds behind the operation. So far, it appeared that some of the suspects were from South Africa while others were abroad.

“If one would search for any evidence of someone called Steven Twain being in charge of BTC Global, you would never find that person. What you would find is a character called by that name. BTC Global has no ownership details,” Investigator Mike Bolhuis told IOL

People who have fallen victim to the scheme are advised to open cases of fraud at their local police station.